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Freeport-McMoRan's GOM, California Sales Focus of Q3; Minimal Spending
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Freeport-McMoRan has reported its third quarter 2016 results.
In September 2016, FCX entered into an agreement to sell its Deepwater GOM properties to Anadarko Petroleum for $2.0 billion and up to $150 million in contingent payments.
In connection with the sale of the Deepwater GOM properties, FM O&G entered into an agreement to amend the terms of the Plains Offshore Operations Inc. preferred stock to provide FM O&G the right to call these securities for $582 million. FM O&G expects to exercise this option at the time the Deepwater GOM sale closes.
In October 2016, FCX entered into an agreement to sell its onshore California oil and gas properties to Sentinel Peak Resources for $592 million and contingent consideration of up to $150 million, consisting of $50 million per year for 2018…
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